Updated on October 27, 2023
Want a loan from Access Bank in Nigeria? You’ve come to the right place. In this easy guide, we’ll show you the ins and outs of Access Bank loan requirements.
Need some cash for a great idea, a special trip, or when life throws you a curveball? Access Bank has your back.
You’ve probably heard about digital loan apps, so the average Nigerian will likely turn to a loan app rather than go to a bank for a loan. But banks are still a good source of loans in Nigeria, especially if you’re a long-time customer of the bank.
There are a ton of ways to get a loan in Nigeria these days. With the ongoing fintech razzmatazz, you can access loans without collateral using an app or a USSD code.
An Access Bank loan is one of the most sought-after bank loans in Nigeria. So we decided to create a guide about how to get an access bank loan and the type of loans one of Nigeria’s biggest banks offers.
Let’s get into it.
How to Get a Loan from Access Bank
You can get a loan from Access Bank through the following channels:
- Access bank USSD code – Dial the Access bank loan code *901*11# to get a loan.
- Download the Access Bank QuickBucks app to get a loan from Access Bank
- Use the Access Mobile App and apply for an Access Loan.
- You can also get a loan from Access Bank through the Access Bank Internet Banking Channel
- Access Bank WhatsApp Banking channel also provides a means to get a loan from Access Bank.
Access Bank Loan Requirements
Different Access bank loans have different requirements. But the minimum Access bank loan requirements are; A completed loan application form, A Copy of your employment ID and a valid means of identification, and passing Credit checks.
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Quick Bucks – Access Bank Loan App
QuickBucks is Access Bank’s mobile app for digital loans. The app contains all loan products from Access Bank – retail Loans, Credit cards, Debit cards, Consumer Durable Loans and Device Financing loan requests.
To Sign Up and use the QuickBucks app to obtain a loan, follow these steps:
- Visit the Access Bank Quickbucks web app or download Quickbucks from the Google Play Store or the IOS App Store.
- Enter your email address and a phone number linked to your BVN
- You’ll receive an OTP via SMS for verification or you can request an OTP to be delivered via a voice call
- Once the OTP validation is done, create a password for your Quickbucks account (to be used to log into the app) and a PIN (to be used in transacting)
- Input your personal details (Location, First Name, Last Name, Other Names, Date of Birth,. Occupation – Salaried or Self Employed, Place of work, Salary Bank Name, Bank Account Number, Closest Branch, BVN, Monthly Salary Amount
- Next, you have to agree/consent to the Terms and Conditions.
Access Bank Loan Code
The Access bank loan code is *901*11*1#. After you dial this access bank code for a loan, just follow the instructions.
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Access Bank Loan Interest Rate
Access bank loan Interest rates tend to be around 9%. It could be higher or lower than that depending on the credit status of who’s borrowing and how much they’re borrowing, for how long (loan tenure) and more importantly, the type of Access bank loan they are getting.
Types of Loans Offered by Access Bank
Here is a list of all the types of Loans that access banks available to Nigerians
Access Bank Personal loan
This is a salary administration product targeted at employees to help them meet their individual needs. This access bank loan offers loan amounts of up to 75% of net annual salary (for applicants with terminal benefits) and up to 50% of net annual salary (for applicants without terminal benefits).
Loan tenure for Acess Bank personal loan is 36 months tenure. Access bank personal loan interest rates are not explicitly stated by the bank, but they tend to be around ~9%, so you can assume it’s flexible and depends heavily on the borrower.
The requirements for Access Bank personal loans are:
- Completed Application Form & Employee Status Inquiry/Employer’s Confirmation Form
- Evidence of Confirmation (Letter of Confirmation, Last promotion letter etc.) and copy of Employment ID
- Valid means of identification
- BVN
- Credit checks
- Letter of Lien/Set-off
- Document of Attestation
- Salary bank statement/Payslips (New customers to bank customers)
Access Bank Creative Sector Loan
This is financing for 100% of Nigerian businesses so they can achieve their business goals.
The creative sector loan is a CBN initiative – Creative Industry Financing Initiative (CIFI) with the goals of boosting capacity building and employment creation for individuals and businesses in Nigeria by offering them loans at cheaper rates. This loan initiative is targeted at creatives and businesses in the following sectors: Fashion, Information Technology, Movie Production, Movie Distribution, Music, Software Engineering and Student businesses.
The interest rate for Access Bank creative sector loan is 9 % (all charges inclusive).
You can apply for this loan by contacting your Account Officer or contact Centre or by visiting any Access Bank branch close to you.
Non-customers of Access Bank can also benefit from this initiative if they are willing to open an account with the bank and meet the requirements for the loan.
The requirements for accessing these loans:
- A detailed business plan that includes a financial plan, economic benefits and three years’ financial projections. This will also include proposed loan disbursement and repayment details.
- 3 years audited accounts for existing companies and Statement of Affairs for start-ups and companies with less than 3 years of existence.
- The borrower must have a clean/satisfactory credit history. At least 2 Credit Reports for the company and each director.
- The borrower will be required to make at least a 30% equity contribution and evidence must be provided at the point of forwarding the application to the CBN.
Note: If you’re thinking about how you’ll prepare a business plan to meet the expected standard? AccessBank has made provisions for consultants to assist you in preparing their business plans to meet the minimum standard at discounted rates.
Access bank Lending Against Turnover (LATO)
Access Bank Lending Against Turnover (LATO) is an instant loan product for non-salary account holders who have had an active bank account with Access for over 6 months.
You can get access to instant cash through LATO by dialling *901*11#. Your eligibility is displayed when you request a LATO loan. Once your loan request is successful, your Access Bank account will be credited instantly. However it may take up to 24 hours to process before disbursement into your account.
The interest rate for Access Bank’s Lending Against Turnover is 5% with a loan tenure of 90 days (3 months). Other charges include a 1% management fee, and 0.5% credit life insurance, which is taken upfront.
The maximum eligible amount with a Lending Against Turnover loan is 20% of your monthly average turnover for six months, subject to a maximum of ₦300,000 and less any active loans at Access Bank.
Access Salary Advance Loan (SADV)
To be eligible for Access Bank’s Salary Advance loan, you must earn a minimum of ₦50,000.
With Access Bank’s salary advance, you can access up to 200% of your net monthly salary and repay for 6 months. You can access this loan product via QuickBucks App (Access bank’s loan app) or USSD code *901*11*1#.
No documentation or collateral is required for this loan. However, you need to have an Access bank account that has been active for at least 3 months.
Salary Advance loans are repaid in three monthly instalments every 30 days from the day the loan was taken, and the repayment amount will be automatically deducted from your account.
The interest rate for Access Bank’s Salary Advance loan is 1.9%. Other charges are a 1% Management fee and 0.20% Credit life insurance.
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Access Bank Small Ticket Personal Loans (STPL)
This loan product allows you to access up to 400% of your net monthly salary and repay for 12 months or 360 days (tenor), subject to a ₦2,000,000 disbursement cap.
To be eligible for Access’s Small Ticket Personal Loan, you must earn a minimum salary of ₦100,000.
Access bank’s Small Ticket Personal Loans through the QuickBucks App or USSD code: *901*11*1#. No documentation or collateral is required for this loan.
Small Ticket Personal Loan repayments happen in twelve monthly instalments every 30 days from the day the loan was taken. Repayments are automatically deducted from your account.
What is the tenor for a Small Ticket Personal Loan? The tenor is 12 months/360 days.
Access Bank’s Small Ticket Personal Loan is an instant digital loan product that is targeted at salary earners who meet the Bank’s risk acceptance criteria (RAC).
Access Bank W Power Loan
Access Bank’s W Power Loan is designed to close the financing gap for female-owned businesses in Nigeria (at least 50% female ownership &managed by a woman) by providing access to loans and credit facilities.
Depending on the type of business and its risk rating, your female-owned business can access up to N100 million in loans. Keep in mind, that this loan is only available to women-owned businesses. The business must have been in operation for at least a year.
W Power Loans are granted in two broad areas:
- Term Loan: For asset acquisition and infrastructure upgrades. Businesses are to use this loan to buy machinery, equipment and all other fixed assets needed for their business.
- Working Capital: this loan is to be used to purchase raw materials or for settling the daily operating expenses of the business.
Other Terms and Conditions, including credit checks, may apply.
What you need to get started with the Access Bank W power loan:
- Loan Application Form
- Valuation report
- One (1) year bank statement
- Credit checks
- CAC documents
- Valid means of identification
- BVN validation page of directors/proprietor
- BOQ (for project-related transactions)
- Credible Guarantor form and notarized statement of net worth
- Drawdown Domiciliation Letter
- Simple resolution (Business enterprises) or Board resolution (Corporate)
- Evidence of Insurance coverage and Credit life insurance
- Offer letter
- Executed Term sheet
- KYC
- Credit Checks
- Advisory mandate letter
- Direct debit mandate
- Standing instruction to renew credit life insurance
Access Bank’s Advance for School Fees
Access Bank’s Advance for School Fees loan scheme is designed to provide parents and guardians with short–term financing to pay for tuition fees for their children.
This loan product is useful for undergraduate study, postgraduate study and professional examinations.
Required Documentation for this loan is:
- Loan Application Form
- Confirmation Letter or Promotion Letter
- Letter of Authority or Irrevocable letter of Domiciliation
- Offer letter
- Executed Term sheet
- Letter of Lien/Set-off
- Credit Checks
- Means of Identification
- Document Attestation
- Salary bank statement/Payslips (New to bank customers)
- Standing instruction for renewal of Credit life insurance
- Admission letter
- Tuition Bill
Access Bank Device Finance
Are you looking to upgrade your mobile device? Access bank offers a contract arrangement that includes a monthly airtime bundle. You also get free airtime bundles with MTNUp to 12 months (12) term.
How to access Access banks device financing using the QuickBucks app:
- Download the Quickbucks app from your app store
- Enter your email address and BVN linked phone number
- You’ll receive an OTP via SMS for verification.
- Upon verification, create an app password (used to log into the app) and PIN (used in transacting)
- Input your personal details
- Then agree to terms and conditions
- Next, Click on the ‘device finance’ console.
- Select the phone of your choice and fill in the required details
- Click on ‘get this device’.
- Accept the T&C
- You’ll receive a transaction code via mail with other requirements for the pickup of the device.
Access Bank Maternal Health Service Support (MHSS)
Fertility treatment (e.g. IVF, ICSI etc.) can be quite expensive for families in Nigeria (even middle-class), since they may have to do multiple treatments before getting results. This can lead to cash strapped situations for many families.
This is one reason why Access bank offers a Maternal Health Service Support (MHSS) loan that covers medical procedures (local and international) for women.
The specialized procedures covered under Access bank maternal health service support (MHSS) include Fertility Treatments and Natal Support (local and International), Hysterectomy, Myomectomy, Dental, Orthopedic, and Bariatric (weight loss procedures)
Features of the Access Bank maternal health service support are:
- No Loan Fees
- Highly subsidized interest rate
- Flexible repayment plan
- Access to over 30 well-renowned fertility clinics and birth travel service companies in Nigeria.
- Partnership with a health management company to provide 30% cashback on unsuccessful IVF procedures with the aim to ensure IVF treatments are more accessible.
Required Documents for the MHSS are:
- Loan Application Form
- Confirmation Letter or Promotion Letter
- Letter of Authority or Irrevocable letter of Domiciliation Invoice from the hospital
- Credit Checks
- Means of Identification
- Salary bank statement/Payslips (New to bank customers)
- Additional Documents for Drawdown
- Offer letter
- Executed Term sheet
- Letter of Lien/Set-off
- Document Attestation
- Standing instruction for renewal of Credit life insurance
Access Bank PayDay Loan
This is an instant digital loan product targeted at salary earners who meet Access Bank’s Risk Acceptance Criteria (RAC).
Your salary account doesn’t have to be in Access Bank before you can apply for PayDay Loan. If your salary is processed via Remita, you can also apply for a PayDay Loan. However, when you apply for a PayDay Loan, an Access Bank account will be automatically created for you and the requested loan disbursed into this new account.
The tenor for the Access Bank PayDay Loan is 30 days or your next salary payment, whichever comes first.
Access bank PayDay Loans are due for repayment by your next salary payment or 30 days from the day the loan was taken (whichever comes first). The loan amount is automatically deducted from your salary account.
The interest rate for Access Bank’s PayDay Loan is 5%. Other charges include a 1% management fee and 0.3% credit life insurance. Both are taken upfront.
If you do not repay the loan on time, you’ll face a 1% penal charge per month for defaulting on the loan from 31 days past due.
You can request can apply for a Payday Loan by:
- Dial the Access bank USSD code *901*11#
- Use the QuickBucks app.
- The Access Mobile App
- Access Bank Internet Banking
- WhatsApp Banking channels.
Customers are at liberty to pay off their Payday loans at their own convenience. You can self-liquidate your existing PayDay Loan on the QuickBucks platform. Other ways to pre-liquidate your loan are to contact Access Bank at +234 700 300 0000 or +234 1 271 2005; or by sending an e-mail to contactcenter@accessbankplc.com; or visit any Access Bank branch to liquidate your loans.
The maximum amount (i.e. eligible amount) for a Payday Access bank loan is 75% of your monthly salary. Your eligibility is displayed when you request an Access bank loan.
If you have other existing Access bank loans and still want a PayDay loan, the monthly repayment(s) of your existing loans will be used to calculate your eligible amount. Your eligible amount will therefore be 75% of your monthly salary if your monthly repayment(s) is less than your eligible amount. If the monthly repayment is higher than your eligible amount, you will not be able to take the PayDay Access bank loan.
AutoClub by Access: Vehicle Financing
AutoClub by Access is an Access bank loan product for vehicle financing for their customers’ automobile needs.
AutoClub by Access covers auto services from vehicle purchase, maintenance, and usage to disposal, and more. This Access bank loan can be used for benefits-owned and brand-new vehicle purchase financing and access to a wide range of auto dealers in Nigeria.
AutoClub by Access offers vehicle re-financing for pre-owned cars at highly competitive interest rates. access to a wide range of vehicle brands and models
The persons eligible for AutoClub by Access are salaried income persons, SMEs and Corporates.
Features of AutoClub by Access are:
- Equity contribution as low as 10% of the invoice value
- Competitive Pricing
- Up to 48 months tenor
- Wide variety of auto vendors to choose from
General requirements for AutoClub:
- Completed Vehicle Lease Application Form
- Pro forma invoice from any of the Bank’s approved vendors
- Credit Checks
- Blank transfer of ownership Form
Additional requirements for Salaried income persons interested in AutoClub by Access are:
- Completed Vehicle Finance Application form
- Pro-form invoice addressed “Access Bank/Customer’s name”
- Vehicle Inspection Report & Agreement (Pre-owned vehicles only)
- Copy of Staff ID
- Credit checks
- Executed Term sheet
- Blank transfer of Ownership Requirements for Business Enterprises and Corporates
- Completed Vehicle Finance Application form
- Proform invoice addressed “Access Bank/Customer’s name”
- Vehicle inspection report & agreement (Pre-owned vehicles only)
- Credit checks on the company and the promoter/directors
- Executed Offer letter
- Executed Term sheet
- Blank transfer of ownership
- Additional Document for Business Enterprises
- One (1) year bank statements (other banks)
- Simple Resolution
- Certificate of business registration and form of application of registration of business name
- Additional Document for Incorporated Companies
- Recent (two) 2 years of audited financials or management account
- Board Resolution
- CAC documents (CAC 2, CAC 7, Certificate of Incorporation)
- Personal guarantee and notarized statement of the net worth of a director.
How to Pay Back Access Bank Loan Before Due Date
You can pay back your Access bank loan before the due date in the following ways:
- Through the Access Bank Quickbuck App
- Using the Access Bank mobile app
- By Going to an Access bank branch and requesting a loan repayment form
- Depending on the loan, where Access Bank automatically takes repayment from your account, you might want to make sure that the loan amount is in your Access Bank account.
The Code for Access Bank Loan – USSD Code
The code for Access bank loan is *901*11*1#.
How do I Check my Access Bank Loan Balance?
You can check your Access bank loan balance by dialling the Access bank USSD code: *901*11*1#, by checking the Access bank mobile app section for loans or by visiting an Access bank loan branch.
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